Strangely, my parents are actually kinda opposite. They like that I'm going to law school instead of med school. My younger sister wants to go to med school, and my parents think that it'll take forever for her to actually start work and settle down to have a family. Funny though. They still want a doctor in the family. Go figure.

What job opportunities (and salary) are there for a PhD in economics or other business degree? My interest in business 'management' is waning, but am curious about the academic/theoretical application of an advanced business degree?

Part of my interest in engineering was the theoretical nature, which is also th reason im looking into law. im guessing a doctorate in business would also hinge on the theoretical side, unlike a MBA which (in my ignorance) seems mundane

I know PhDs in Physics from Columbia, both of whom got work in finance. One of them is VP at Bear Stearns doing some super-complicated pricing models having to do with mortgage-backed derivative securities. The other worked at MIT for two years and now has a similar job. If you have superior quantitative skills and half-way decent social skills, there's room (and pay) for you on Wall Street.